Core Viewpoint - The article emphasizes the importance of a more proactive fiscal policy in stabilizing the economy and enhancing social welfare, guided by Xi Jinping's economic thought [2][3]. Group 1: Fiscal Policy Effectiveness - In 2024, a series of incremental fiscal policies were implemented, leading to a noticeable economic rebound and increased social confidence, particularly during the second and third quarters [3][4]. - A one-time increase of 6 trillion yuan in local special bond limits was executed to replace hidden debts, with the 2024 replacement quota fully issued and over 70% of the 2025 quota completed, resulting in an average interest rate reduction of over 2.5% [4]. - The introduction of special government bonds to support state-owned banks in enhancing their core capital is aimed at improving their ability to serve the real economy [4]. Group 2: Support for Key Sectors - The government has intensified support for the real estate market through tax incentives and special bonds, leading to signs of stabilization in the housing sector [5]. - A significant adjustment in student aid policies has been made, benefiting over 34 million students, alongside direct financial assistance to over 11 million vulnerable individuals [6]. - The GDP growth rate for the last quarter of the previous year was 5.4%, with a total GDP of 134.9 trillion yuan, contributing approximately 30% to global economic growth [6]. Group 3: Strategic Fiscal Management - The design and implementation of fiscal policies reflect the central government's strategic thinking, emphasizing a systematic approach to balancing multiple objectives such as growth, structural adjustment, and risk prevention [7][8]. - The government is focusing on precise measures to address key economic challenges, particularly in local government debt management, to foster new growth points [8]. - The fiscal policy aims to enhance macroeconomic control by increasing the deficit ratio to 4% and raising the fiscal budget to 5.66 trillion yuan, the highest in recent years [11][12]. Group 4: Investment and Consumption Promotion - The government is committed to boosting consumption through substantial fiscal measures, including a 300 billion yuan allocation for consumer subsidies [14]. - Effective investment strategies are being employed, with a focus on both physical and human capital, including the issuance of long-term special bonds to support infrastructure and equipment upgrades [15]. - Increased funding for scientific research and technology is prioritized, with a 10% rise in central government technology spending compared to the previous year [15]. Group 5: Social Welfare and Regional Development - The fiscal strategy includes enhancing social welfare by increasing funding for education, healthcare, and social security, with a focus on improving living standards [17]. - Support for rural development and agricultural policies is being strengthened to ensure food security and promote rural revitalization [18]. - The government is actively working to mitigate risks in key sectors, particularly in local government debt management and the real estate market [18].

蓝佛安：聚焦高质量发展关键领域、薄弱环节 加强财税政策支持和资金保障 智通财经5月3日电，财政部党组书记、部长蓝佛安日前在求是杂志发表文章《更加积极财政政策的科学 设计与成功实践》，其中提出，凡事预则立，不预则废。当前，美国对所有贸易伙伴实施所谓"对等关 税"正在持续引发全球市场动荡，我国经济发展面临的不利影响加深，经济运行面临新情况新挑战，需 要深入实施更加积极的财政政策，有效对冲外部风险对我国经济的不利冲击。财政部门要深入贯彻落实 中央经济工作会议精神和今年《政府工作报告》部署，聚焦高质量发展关键领域、薄弱环节，加强财税 政策支持和资金保障，精准施策、持续用力，充分释放财政政策效能。 ...

Macro Economic Policy - The recent important national meeting has outlined the economic work priorities and goals for the near future, emphasizing the continuation of proactive fiscal policies and increased investment in infrastructure, which will inject strong momentum into the financial market [1] - The advancement of infrastructure projects is expected to boost related industries such as steel, cement, and construction machinery, leading to more orders and improved performance, thereby attracting capital inflow into related stocks and driving up their prices [1] - Increased infrastructure investment will also stimulate social financing demand, expanding the credit business of banks and improving their profit expectations, which will enhance the attractiveness of bank stocks in the capital market [1] Monetary Policy - The meeting has signaled a flexible and moderate approach to monetary policy, emphasizing the maintenance of reasonable liquidity, which will help stabilize market expectations [2] - A more abundant liquidity environment is likely to lead to increased market funding supply, resulting in rising bond prices and declining yields, thus lowering the cost of corporate bond issuance and easing financing difficulties [2] - The low interest rate environment will encourage investors to shift funds from low-yield products like money market funds to the bond market, further stimulating market activity [2] Industrial Policy - The meeting's support measures for emerging industries and key sectors are expected to reshape investment hotspots in the financial market, particularly in areas like new energy, artificial intelligence, and semiconductors [4] - Policies such as tax incentives and fiscal subsidies will attract significant capital into these sectors, leading to increased investor interest and potential stock price surges in related concept stocks [4] - Venture capital and private equity firms are likely to increase investments in startups within emerging industries, providing necessary funding for innovation and development, thus fostering a virtuous cycle between capital markets and the real economy [4] Capital Market Reform - The meeting's deployment of capital market reform will enhance the vitality and competitiveness of the financial market, with proposed measures to improve the registration system, strengthen investor protection, and enhance the quality of listed companies [4] - These reforms are expected to attract more long-term capital into the market and optimize the investor structure, while also boosting foreign confidence in China's capital market, potentially increasing the inflow of northbound funds and enhancing market valuation [4]

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截至2025年4月28日 09:52，30年国债ETF博时(511130)上涨0.16%，最新价报112.13元。流动性方面，30年国债ETF博时盘中换手5.11%，成交3.35亿元。拉长 时间看，截至4月25日，30年国债ETF博时近1月日均成交30.58亿元。 招商证券张伟点评重要会议称，货币政策保持适度宽松，资金面也将维持合理充裕。并且货币政策将加强与财政政策配合，接下来政府债券发行保持偏快节 奏对债市影响可控。关注2季度经济变化，降息降准仍有可能，因而债市短期风险小，仍处于友好环境。债市交易性难度提升，维持市场中性久期，多看少 动为宜，长债调整时候择机加仓。 从资金净流入方面来看，30年国债ETF博时近4天获得连续资金净流入，最高单日获得3510.28万元净流入，合计"吸金"5054.02万元，日均净流入达1263.51万 元。 数据显示，杠杆资金持续布局中。30年国债ETF博时最新融资买入额达6724.47万元，最新融资余额达7928.72万元。 截至4月25日，30年国债ETF博时近1年净值上涨14.21%，指数债券型基金排名3/373，居于前0.80%。从收益能力看，截至2025年4月25日，3 ...

具体看，在财政政策方面，会议强调，"加快地方政府专项债券、超长期特别国债等发行使用"。 本报记者韩昱 温彬认为，二季度中央金融机构注资特别国债和超长期特别国债开启发行，加之专项债券"自审自发"加 速推进，新增专项债券发行也会加快。 4月25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议强调，要加紧实施更加 积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。 展望未来，温彬表示，财政政策仍有加力空间，可能出台的增量政策举措包括，一是上调广义财政赤字 率目标，增发国债或特别国债；二是盘活地方债结存限额；三是加大消费补贴力度、扩大补贴范围，培 育壮大文化旅游消费、家政服务消费、数字消费、体育消费等新的消费增长点。 中信证券首席经济学家明明表示，"用好"体现在存量政策加速落地，今年一季度，财政发力支持经 济"开门红"，后续将加快专项债券以及超长期特别国债的发行使用，更好地促进经济增长、对冲外部扰 动。"用足"体现在"根据形势变化及时推出增量储备政策，加强超常规逆周期调节"，财政政策空间充 足，货币政策和财政政策的配合也将进一步加强。 从超长期特别国债角度看，今年我国拟发行超长期特别 ...

"一季度财政支出进度显著加快，积极财政政策发力为一季度经济'开门红'提供了有力支撑。"粤开证 券首席经济学家罗志恒告诉第一财经。 2025.04. 23 本文字数：2737，阅读时长大约5分钟 作者 | 第一财经 陈益刊 中国在今年首次实施更加积极的财政政策，意在通过扩大财政支出来提振内需促进消费，从而稳定经 济。这一政策效果正在显现。 财政部最新数据显示，今年一季度全国广义财政支出（一般公共预算支出和政府性基金支出）约9.3 万亿元，比去年同期增加近0.5万亿元，同比增长约5.6%。这一增速与一季度经济增速（5.4%）相 近。 面对关税战冲击，不少市场人士都期待财政政策发挥更大作用。其中除了靠前发力推动既定财政政策 尽快落地见效外，针对稳外贸、稳就业、稳楼市、促消费扩内需等推出财政增量政策，也受到市场高 度关注。 财政靠前发力 观察财政政策发力的一个关键指标，是财政支出强度。 根据财政部数据，今年一季度，全国一般公共预算支出72815亿元，同比增长4.2%。这一增速高于去 年同期及去年全年水平。 罗志恒表示，其中3月份的一般公共预算支出同比增长5.7%，较前两个月这一增速加快2.3个百分 点，支出进度显著加 ...

Revenue and Expenditure Overview - In the first two months of 2025, the national general public budget revenue was 43,856 billion CNY, a year-on-year decrease of 1.6%[3] - National general public budget expenditure reached 45,096 billion CNY, showing a year-on-year increase of 3.4%[3] - Government fund budget revenue fell to 6,381 billion CNY, down 10.7% year-on-year, while expenditure was 11,358 billion CNY, up 1.2%[3] Tax Revenue Insights - Among the four major tax categories, three showed positive growth: domestic VAT increased by 1.1%, domestic consumption tax by 0.3%, and personal income tax surged by 26.7%[4] - Corporate income tax saw a decline of 10.4%, primarily due to reduced tax payments from certain central financial enterprises[4] - Export tax rebates increased by 16.9%, influenced by potential trade protectionism[4] Fiscal Policy and Spending - The expenditure growth rate of 3.4% significantly outpaced the revenue growth rate, with expenditure progress at 15.2%, exceeding the five-year average by 0.8 percentage points[5] - The government plans to enhance fiscal policies, focusing on consumption and technology innovation, with a budget of 3,000 billion CNY for consumer subsidies, doubling from the previous year[7][8] Support for Key Sectors - Fiscal spending on science and technology reached 11,505 billion CNY last year, growing by 5.7%, and increased by 10.6% in the first two months of 2025[8] - Social security, education, and health-related expenditures rose by 5.4%, outpacing general public fiscal spending growth[8] Risks and Challenges - Potential risks include macroeconomic fluctuations, global economic downturns, geopolitical tensions, and uncertainties in policy and trade relations[8]

财政部发布2024年中国财政政策执行情况报告（简称"报告"）。 原文如下： 2024年中国财政政策执行情况报告 综述 报告指出，2025年财政政策要更加积极，持续用力、更加给力，具体体现在五个方面： 报告还指出，支持全方位扩大国内需求。大力提振消费。加大民生保障力度，多渠道增加居民收入。推进实施提振消费专项行动，加大消费品以旧换新支持 力度。适当提高退休人员基本养老金，提高城乡居民基础养老金和城乡居民基本医疗保险财政补助标准等。推进实施国家综合货运枢纽补链强链提升行动、 公路水路交通基础设施数字化转型升级，推动降低全社会物流成本。积极扩大有效投资。统筹用好各类政府投资资金，聚焦关键领域和薄弱环节加大投资力 度。合理安排政府债券发行，加快政府债券资金预算下达，尽早形成实物工作量。 2024年是实现"十四五"规划目标任务的关键一年。面对外部压力加大、内部困难增多的严峻复杂形势，在以习近平同志为核心的党中央坚强领导下，各地区 各部门深入贯彻党的二十大和二十届二中、三中全会精神，按照党中央、国务院决策部署，坚持完整准确全面贯彻新发展理念，加快构建新发展格局，扎实 推动高质量发展，全年主要发展目标顺利完成，中国式现代化 ...

Group 1 - The core viewpoint emphasizes the importance of major economic provinces in driving growth and innovation, with a focus on technology and talent development [1][2] - Key discussions during the meetings included enhancing domestic circulation, promoting green development, and addressing social issues such as employment and education [2][4] - The government aims to implement a combination of proactive fiscal policies and moderate monetary policies to stimulate consumption and ensure smooth economic circulation [2][5] Group 2 - The fiscal policy for 2025 includes a deficit rate of 4%, with a total deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from the previous year [6] - The government plans to increase public budget expenditure to 29.7 trillion yuan, reflecting a growth of 4.4% compared to last year [6] - Emphasis is placed on enhancing financial support for consumption, real estate, and technology sectors, with specific measures to optimize resource allocation and support long-term consumption needs [7][8] Group 3 - Regulatory measures for platform economies include standardizing platform fees, enhancing oversight of live commerce, and ensuring algorithm transparency to protect labor rights [10][11] - The government is committed to addressing issues of excessive charges and fines in enterprise operations, promoting a fair and transparent business environment [10][11]